Pluto Technology Venture (PTV) is an unincorporated joint operation with three current joint operators. A few other prospective investors are awaiting an opportunity to invest in PTV. PTV was organized three months ago to combine the knowledge, assets, and finances of a group of organizations that specialize in computer graphics and animation. One of the operators, Flash Limited (FL), required a considerable infusion of cash to survive. FL transferred the assets and liabilities of one of its major operating divisions to PTV in exchange for PTV ownership units and cash. The second operator, Bulge Capital Corporation (BCC), invested in PTV mainly by way of a cash contribution. The third operator, Everest Properties Limited (EPL), contributed a building to house PTV's main operations and also provided some office and administrative personnel. The three current operators have agreed that an unincorporated joint operation is the appropriate form of organization for the next several years. The directors of PTV would like your firm to prepare a report that discusses all of the important accounting issues. They would like specific recommendations as to how PTV should account for its transactions, and explanations as to why the recommended accounting is appropriate